SWIFT will build its new blockchain-based payment settlement system on Ethereum layer 2 Linea, Consensys CEO Joe Lubin confirmed at the Token2049 conference in Singapore on Thursday.
The announcement clears speculation that followed SWIFT’s earlier reveal of its 24/7 real-time crypto payments project, which involves more than 30 traditional finance partners.
While SWIFT had not named the chain in its original statement, Lubin said the decision to use Linea has now been confirmed publicly.
How was the decision revealed?
Earlier this week, we reported that SWIFT and Consensys shared news of their collaboration with global banks to design new settlement rails.
At the time, SWIFT’s CEO Javier Pérez-Tasso did not specify the blockchain partner during the presentation to the banking sector.
Lubin explained that the omission was a “soft rollout,” with SWIFT waiting for the right moment to confirm Linea as the choice.
He said the sentiment from the finance industry was positive and that many saw the step as a much-needed bridge between decentralised finance and traditional banking.
What does Linea bring to the table?
Linea is a scaling solution developed by Consensys that uses zk-EVM rollup technology. It can process about 1.5 transactions per second at a fraction of the cost of mainnet Ethereum, with fees that are roughly one-15th lower.
The network currently holds $2.27 billion in total value locked, making it the fourth-largest Ethereum layer 2. Only Arbitrum One, Base Chain, and OP Mainnet sit above it, according to L2BEAT data.
The choice to use Linea means SWIFT will benefit from low-cost settlement while tapping Ethereum’s security guarantees.
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Why SWIFT’s move matters?
SWIFT remains a key component of global finance, transferring payments over existing banking rails, approximately $150 trillion worth annually. Transitioning to blockchain rails for settlement might transform global payment clearing.
With Linea, SWIFT is capable of real-time settlement of transactions, bypassing intermediaries, and minimising mistakes and lags. The focus of the first phase of the initiative is to facilitate uninterrupted cross-border payments, with validation from some of the biggest banks worldwide.
Which banks are involved?
Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank are among the institutions lined up for trials of the new blockchain settlement system.
These banks are expected to play a central role in testing and shaping how the shared ledger works in practice. SWIFT aims to integrate blockchain directly into its existing stack while keeping compatibility with the systems already used by banks worldwide.
Beyond payments
Lubin also pointed to broader uses of Linea. He described it as a platform that can support “user-generated civilisation” and community-driven infrastructure.
He made it clear that Linea is not just a payment rail, but a foundation on which community apps, modular rule systems, and fully digital economies can be built bottom-up.
Linea allows self-determined community constructions, as opposed to top-down systems typical of government and financial institutions, by utilising Ethereum’s trustless base layer
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